Will onshoring and nearshoring transform auto supply chains?

The automotive supply chain has experienced several major disruptions in recent years. One noteworthy example is the semiconductor shortage, which resulted in 9.5 million units of lost production capacity in 2021, according to S&P Global Mobility data. Another is EU automakers’ reliance on Ukraine for a significant portion of their wiring harnesses. Global wire and cable supplier Leoni shut its two Ukrainian factories in March 2022 (the month after the Russian invasion began ), forcing its clients to seek alternative sources on little notice.